Overview
- Prices reversed Thursday after reports that Tehran rejected Washington’s proposal, with gold slipping under $4,500 to an intraday low near $4,413 and silver falling below $70 to about $67.
- Priority Gold’s snapshot showed spot near $4,428 by late morning, down from roughly $4,560 on Wednesday in what CBS framed as a cheaper entry point for retail buyers.
- Brent crude pushed past $100 and the dollar firmed as traders marked down the odds of any Federal Reserve rate cuts this year and even priced a chance of a hike, factors that raise the cost of holding non‑yielding metals.
- The pullback followed Wednesday’s relief bounce tied to ceasefire talk headlines, when international gold hovered around $4,550 and India’s markets jumped, including an All India Sarafa Association print showing silver up ₹11,250 to ₹2,41,250 per kg and 24K gold approaching ₹1.46 lakh per 10 grams; Pakistan’s tola rate also climbed sharply.
- Analysts say near‑term direction will hinge on daily U.S.–Iran signals and flows through the Strait of Hormuz, with local exchanges and weak South Asian currencies likely to turn global swings into outsized moves for Indian and Pakistani buyers.